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China replaces Shenzhen leaders as housing prices soar

Overheated real estate market risks keeping companies and workers away from tech hub

Chinese tech hub Shenzhen has become a hotbed of speculative real estate deals.

GUANGZHOU -- The Chinese technology hub of Shenzhen has replaced the mayor and and other top officials in what has been seen as punishment for failing to cool the city's overheated real estate market.

The Shenzhen Municipal People's Congress announced in late April that it had accepted the resignation of Mayor Chen Rugui. Qin Weizhong, vice governor of the surrounding Guangdong Province, was appointed acting mayor.

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